Merck appoints Kenneth Frazier as chief executive

Merck has announced that Kenneth Frazier is set to become the firm's new chief executive.

Mr Frazier, who is currently president of Merck, will succeed Richard Clark in January 2011 after being elected by the board of directors.

The new chief executive of the pharmaceutical company has been working on the post-merger integration of Merck's three largest divisions since becoming president in April.

He was also president of global human health at the firm for three years, helping to develop a new global sales model and improve the division's cost structure.

Speaking about his appointment as chief executive, Mr Frazier said he was "honoured and excited about the opportunity".

He added: "My immense respect for the people of Merck only reinforces my strong optimism about our future."

Mr Clark, who has been chief executive since 2005, will continue as chairman of the board.

Last month, Merck reported worldwide sales of $11.1 billion (7.1 billion pounds) for the third quarter of 2010.